Section 440.7203 - Liability for nonreceipt or misdescription. - Michigan Statutes

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.7203 Liability for nonreceipt or misdescription.

Sec. 7203.

A party to or purchaser for value in good faith of a document of title other than a bill of lading relying in either case upon the description therein of the goods may recover from the issuer damages caused by the non-receipt or misdescription of the goods, except to the extent that the document conspicuously indicates that the issuer does not know whether any part or all of the goods in fact were received or conform to the description, as where the description is in terms of marks or labels or kind, quantity or condition, or the receipt or description is qualified by “contents, condition and quality unknown”, “said to contain” or the like, if such indication be true, or the party or purchaser otherwise has notice.

History: 1962, Act 174, Eff. Jan. 1, 1964